2007'02.01.Thu
Freestar Technology's Rahaxi P00rocessing Oy. Signs Exclusive Contract with UK-based Thyron Systems to Supply Portable Emv-compatible Payment Terminals in Finland

March 20, 2006

SHANGHAI, March 20 /Xinhua-PRNewswire/ -- FreeStar Technology Corp. (OTCBB: FSRT), an international card payments processor and technology company, announced last week that its Finnish-based, wholly owned subsidiary, Rahaxi Processing Oy., has agreed to supply portable EMV-compatible payment processing devices from Thyron Systems Ltd., a UK-based provider of mobile payment processing devices that are EMV-compatible, to be used in Finland. The company reported that Thyron Systems's mobile payment processing devices are very popular because they can be used in restaurants, taxis and buses. They are currently being used in the licensed taxis from Heathrow Airport, the high-speed rail link between central Stockholm and the city's main airport.and by British Airways to supply electronic cash reimbursements to customers. Thyron Systems mobile devices will be the most full-featured portable payment terminals to be available in Finland. Thyron has the longest lasting battery of all its competitors and therefore is the best-suited terminal for the market. It also has the smallest footprint terminal of its kind, easy to hold, back-lit pad, optional touch screen and it comes with a charging cradle and a top quality printer, the company explained. Thyron Systems terminals are called Chip & Pin (C&P) devices because the terminal reads the chip in the EMV-compatible credit or debit card and the cardholder enters a pin number to identify himself. This identification and security methodology reduces card transaction fraud. FreeStar Technology President and CEO Paul Egan said, "We are pleased to introduce C&P technology to Finland and we expect that it will help Rahaxi Processing make dramatic gains in market share in Finland. Garrett Clifford, sales manager, Thyron Systems, said, "I am delighted that Rahaxi Processing has chosen Thyron Systems to be its sole supplier in Finland of portable card payment devices. Rahaxi Processing holds a significant share of the Finnish market and has a clear understanding of the market requirements. Thyron looks forward to supporting Rahaxi in its aim to enable cardholders to make payments in an increasing variety of locations and environments." About FreeStar Technology Corp. FreeStar Technology Corp. is a payment processing company. Its wholly owned subsidiary Rahaxi Processing Oy., based in Helsinki, has a robust Northern European BASE24 credit card processing platform. Rahaxi currently processes in excess of 1.3 million card payments per month for such companies as Finnair, Ikea and Stockman. The company, based in Dublin, Ireland, maintains satellite offices in Santo Domingo, Dominican Republic, Helsinki and Geneva. For more information, please visit http://www.freestartech.com and http://www.rahaxi.com . About Thyron Systems Ltd. Thyron Systems Ltd, a UK-based company with an established pedigree in the mobile payment sector, specialises in the creation and development of cost effective payment solutions to businesses in the retail, hospitality and transportation space. Located just north of London in Watford, Thyron is an independent privately owned company, which has increased its presence in several mainland European territories in recent years. Thyron has worked with the major UK and Irish acquiring banks during the recent roll out of Chip and Pin in both locations. For more information, please visit http://www.thyron.com . Forward Looking Statements Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The companies caution that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in FreeStar's Form 10-KSB filing and other filings with the U S. Securities and Exchange Commission (available at http://www.sec.gov ). FreeStar undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise. For more information, please contact: Investor Relations Arun Chakraborty Stern & Co. Tel: +1-212-888-0044 Email: achakrab@sternco.com Paul Egan FreeStar Technology Corporation Tel: +1-809-368-2001 Email: pegan@freestartech.com SOURCE FreeStar Technology Corp.
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